SOURCE: Jaclyn, Inc.

July 13, 2016 15:17 ET

Jaclyn Reports First Quarter Financial Results

MAYWOOD, NJ--(Marketwired - Jul 13, 2016) - Jaclyn, Inc. (OTCQX: JCLY) today reported financial results for the first quarter ended May 31, 2016.

Net sales for the three-month period ended May 31, 2016 were $30,478,000 compared to $33,276,000 for the three-month period ended May 31, 2015. The Company reported a first quarter net loss of $970,000, or $.43 per diluted share, compared to a net loss of $747,000, or $.33 per diluted share, in last year's comparable quarter.

The Company also announced that the Board of Directors has increased its authorization for the repurchase by the Company of shares of its common stock to 500,000 shares. Purchases may be made from time to time in the open market and through privately negotiated transactions, subject to general market and other conditions, and may be made from both affiliated and control stockholders of the Company, and from unaffiliated stockholders, of the Company.

Note: This press release contains information concerning, among other things, our future plans and objectives that are or may be deemed to be forward-looking statements. However, forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, general economic and business conditions; competition; potential changes in customer spending; acceptance of our product offerings and designs; the variability of consumer spending resulting from changes in domestic economic activity; a highly promotional retail environment; any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates as well as other significant accounting estimates made in the preparation of our financial statements; and the impact of current and potential hostilities in various parts of the world; as well as other geopolitical concerns. You are urged to consider all such factors. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. We assume no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premium incentives and related accessories. Website: jaclyninc.com

       
JACLYN, INC. AND SUBSIDIARIES
       
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
       
  First Quarter
  Ended May 31,
       
  2016   2015
       
Net Sales $30,478,000   $33,276,000
       
Net Loss $(970,000)   $(747,000)
       
Net Loss per      
  Common Share-Basic $(.43)   $(.33)
       
Net Loss per      
  Common Share-Diluted $(.43)   $(.33)
       
Weighted Average Number of      
  Shares Outstanding-Diluted 2,278,000   2,280,000
         

Contact Information

  • Company Contact:
    Anthony Christon
    Chief Financial Officer
    Jaclyn, Inc.
    (201) 909-6000